EUR/JPY Price Analysis: Downside has further legs to go

EUR/JPY accelerates losses and flirts with the 128.50 area.
Further decline should not be ruled out for the time being.

Pablo Piovano FXStreet

EUR/JPY intensifies the daily pullback and re-visits the mid-128.00s for the first time since mid-December.

Price action in the cross now seems to favour an extra decline in the short-term horizon, particularly after EUR/JPY was unable to retest/surpass the YTD peaks in the 131.50/60 region (January 5). That said, the next support of relevance now emerges at the December low at 127.83 (December 3).

While below the 200-day SMA, today at 130.52, the outlook for the cross is expected to remain negative.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	128.97
Today Daily Change	75
Today Daily Change %	-0.09
Today daily open	129.09

Trends
Daily SMA20	130.45
Daily SMA50	129.41
Daily SMA100	130.01
Daily SMA200	130.57

Levels
Previous Daily High	130.09
Previous Daily Low	129.05
Previous Weekly High	131.48
Previous Weekly Low	129.78
Previous Monthly High	131.04
Previous Monthly Low	127.38
Daily Fibonacci 38.2%	129.45
Daily Fibonacci 61.8%	129.69
Daily Pivot Point S1	128.73
Daily Pivot Point S2	128.37
Daily Pivot Point S3	127.7
Daily Pivot Point R1	129.77
Daily Pivot Point R2	130.45
Daily Pivot Point R3	130.81

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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